The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.
Common Stock ($10 stated value)$1,500,000
Paid-in Capital from Treasury Stock6,000
Paid-in Capital in Excess of Stated Value—Common Stock690,000
Paid-in Capital in Excess of Par Value—Preferred Stock288,400
Preferred Stock (8%, $100 par, noncumulative)400,000
Treasury Stock—Common (8,000 shares)88,000
(a) Prepare a stockholders' equity section at December 31, 2011.
Total stockholders' equity $3,572,400
(b) Compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share.
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